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It nearly happened, but since then nothing has been achieved in the way of fundamental, structural reform.
And yet they have to be the first step in the fundamental structural reform of liberal market capitalism.
"The road we have now started on is therefore the right one, with budget consolidation on one side and fundamental structural reform on the other.
What it does not reflect is fundamental, structural reform, in any country in the region, though some progress has been made in improving banking supervision.
"We need fundamental, structural reform and that is impossible without bipartisan compromise and cooperation," he said, "which doesn't appear to be forthcoming before an election which changes the players".
"Without question," Mr. Strawn said, "I have heard more than ever from voters expressing concern about not only the debt, but the need for fundamental structural reform of how Washington spends money".
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In interviews, Merkel often mentions the need for "fundamental structural reforms," and says things like: "Everyone must know that things cannot go on this way".
This is why the adjustment plans for countries that are receiving financial support call for fundamental structural reforms that aim to put them back on track towards long-term growth and thus secure sustainable prosperity for all.
"That needs to come from true fiscal adjustment and fundamental structural reforms".
Had the recovery been smoother, the government might have avoided making fundamental structural reforms, he says, which the government has so far been reluctant to do.
Innovation elevates labor productivity which provides resource flexibility -- air cover -- to implement fundamental structural reforms which center on two inter-related planks: a) shifting reliance from exports and increasingly-inefficient investment to value creation in service and consumer sectors, and b) maintaining smooth urbanization in an era of pinched labor supply.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com